1033 Exchange Experience
JLK Rosenberger has significant experience assisting Alabama taxpayers navigate the 1033 exchange process. We have worked with dozens of property owners providing necessary guidance, managing the timeline, and filing the necessary tax reports. Beyond the practical experience, our team members undergo ongoing technical tax training to stay current on the latest regulatory changes. The result is a client centric process that prioritizes tax efficiency and savings during the property replacement process.
1033 Exchange Services – Alabama
What happens next?
- Eligibility Overview – In this step, the focus is on determining that your situation qualifies to conduct the exchange. Our team reviews the property basis and compensation received and calculates the potential capital gain and the amount needed for a full deferral.
- Replacement Property Guidance – Our team reviews the specific details about selecting a replacement property including the “similar or related in service or use” standard for replacement property. This ensures the new asset qualifies for the exchange. While you focus on finding new property, our team ensure your selection aligns with requirements.
- Timeline Management – Our team works to ensure the critical replacement period (2 years for destruction and 3 years of condemnation) are followed. We also assist with documentation and strategies to maximize time for replacement.
- Tax Reporting – In this step, our team prepares and files all necessary documents with the IRS including Form 4797 (Sales of Business Property) and other required documentation. For those who have already paid tax on a gain but are still in the replacement period timeline we can help recover those taxes.
- Basis Adjustment – Finally, we calculate the adjusted basis of the new property including the deferred gain. Our team will also provide guidance about the most appropriate depreciation method for your new property.
Contact Our Alabama 1033 Exchange Team
JLK Rosenberger provides 1033 exchange and involuntary conversion services to eligible property owners in Alabama. Interested in learning more about our 1033 exchange services? If you are interested in learning more about our services and how we can help you, complete the form below and a team member will follow up shortly.
About Alabama Natural Disasters
Alabama experiences a wide range of natural disasters due to its location in the southeastern United States, varied terrain, and exposure to both Gulf Coast weather systems and inland severe storms. Tornadoes represent the most frequent and deadly hazard, with Alabama located in the heart of “Dixie Alley,” where strong tornadoes often occur outside the traditional spring season and frequently strike at night. The 2011 tornado outbreak stands as one of the most devastating events in the state’s history, causing widespread loss of life, destroying entire communities, and severely damaging homes, businesses, and critical infrastructure across northern and central Alabama.
Hurricanes and tropical storms also pose a significant threat, particularly to southern Alabama and inland regions affected by heavy rainfall. While direct coastal impacts are more limited due to Alabama’s relatively short Gulf Coast, storms such as Hurricane Sally in 2020 caused severe flooding, wind damage, and prolonged power outages, with impacts extending far inland. Tropical systems frequently produce intense rainfall that leads to river flooding along systems such as the Alabama, Tombigbee, and Coosa rivers, affecting agriculture, transportation networks, and rural communities.